Papua New Guinea Oil and Gas Report Q2 2015

BMI View: ExxonMobil has been granted a production licence at the P'nyang field enabling it topotentially move forward with an expansion of the PNG LNG facility. The government continues to promotenew LNG projects. With Total due to complete appraisal of the Elk/Antelope prospect by Q315, a new LNGproject concept could materialise by the end of the year.

The main trends and developments we highlight for Papua New Guinea's oil and gas sector are:

In January 2015, ExxonMobil was granted a petroleum development licence for the P'nyang field,supporting our view that it will be used for an expansion of the PNG LNG project.